Page 3 of 4 FirstFirst 1234 LastLast
Results 21 to 30 of 35

Thread: 45% of households own no federal taxes for 2010

  1. #21
    warrior of the wetlands
    TurtleDude's Avatar
    Join Date
    Oct 2005
    Location
    Ohio
    Last Seen
    Today @ 01:49 AM
    Gender
    Lean
    Libertarian - Right
    Posts
    180,715

    Re: 45% of households own no federal taxes in 2011

    Quote Originally Posted by DontDoIt View Post
    45% of households owe no federal income tax for 2010 - Yahoo! Finance



    Well what are you thoughts on this? If I am correct this is actually down 2-3% from last year but still quite high. Will this lead to more taxes for the upper bracket? Im assuming so.
    the ultimate loophole

    and many of these non tax payers are voting for politicians who tell them the rich need to pay more



  2. #22
    warrior of the wetlands
    TurtleDude's Avatar
    Join Date
    Oct 2005
    Location
    Ohio
    Last Seen
    Today @ 01:49 AM
    Gender
    Lean
    Libertarian - Right
    Posts
    180,715

    Re: 45% of households own no federal taxes in 2011

    Quote Originally Posted by Boo Radley View Post
    Those poor folks in the upper brackets. I mean GE paid such a high amount. What was that? minus how much?

    Also, it helps to read the article you link:

    The fastest way to make the tax-averse incensed is to tell them that nearly half of U.S. households end up owing no federal income tax when all is said and done.

    But like most statistics, it is often misunderstood -- and, in the case of those trying to stir political outrage, misrepresented.

    (snip)

    That does not mean such households end up paying no taxes whatsoever. For instance, those in the group still pay other taxes such as state and local income taxes, as well as property and sales taxes.

    And the group doesn't necessarily get off scot-free when it comes to payroll taxes -- which support Social Security and Medicare.
    bottom line-those people don't pay the taxes that support all the governmental activity funded by the income tax and the death tax. the rich also pay tons of other taxes. do you believe that the people who don't pay federal income taxes don't use services funded by federal income taxes?

    as I noted previously-paying your rent bill does not erase your obligation to make your car payment



  3. #23
    warrior of the wetlands
    TurtleDude's Avatar
    Join Date
    Oct 2005
    Location
    Ohio
    Last Seen
    Today @ 01:49 AM
    Gender
    Lean
    Libertarian - Right
    Posts
    180,715

    Re: 45% of households own no federal taxes in 2011

    Quote Originally Posted by imagep View Post
    I would assume so also, except for the fact that the wealthiest Americans are now paying the lowest effective tax rate since the 1920's (reported by other posters at just 17%).
    why do the envious refer to the wealthiest americans when those targeted for the tax hike-the top two percent are paying much more than 17%

    and those billionaires that are used to come up with that figure still each pay more federal income taxes than say 60 million americans combined

    does anyone claim that one billionaire uses more services paid for by the FIT than those 60 million?



  4. #24
    Sage

    Join Date
    Apr 2008
    Location
    Huntsville, AL (USA)
    Last Seen
    12-13-17 @ 10:52 PM
    Gender
    Lean
    Moderate
    Posts
    9,766

    Re: 45% of households own no federal taxes in 2011

    From article in the OP:

    Contrary to what many assume, membership in the group isn't restricted to the poor.

    It's true that the vast majority of the 69 million households make less than $50,000 -- with very heavy representation among households making less than $30,000.

    But nearly 5 million households in the group make somewhere between $50,000 and more than $1 million. The vast majority of that group -- 4.3 million -- make between $50,000 and $100,000. Another 485,000 make between $100,000 and $500,000. And the remaining 18,000 make $500,000 or more

    Very high-income households can fall into the non-payer group if they get their income from tax-exempt bonds or overseas sources for which they get foreign tax credits, according to Roberton Williams, a senior fellow at the Tax Policy Center.

    Other data from the IRS show that the tax bite on the very highest income taxpayers has fallen as their incomes have risen. In 2007, the top 400 individual tax returns had an average adjusted gross income of $345 million, up from $47 million in 1992. But their average tax rate was just 17%, down from 26% in 1992.

    How did we get here?

    The ranks of those whose federal income tax burden nets out to zero -- or less -- have grown in recent years for two reasons.

    The first is temporal.

    The downturn in the economy has hurt household incomes and various stimulus bills offered Americans temporary tax breaks to mitigate the economic pain -- thereby further reducing their tax bills.
    The second is more systemic.

    The tax code is filled with hundreds of tax breaks to encourage economic activities the government favors, tax experts say. For instance, the law offers credits to supplement the wages of low-income workers, help families pay for college and encourage them to buy homes and have children.

    Temporary tax policies, such as the Bush-era tax cuts and the tax breaks passed under President Obama, have also increased the ranks of the non-payers.

    If most tax breaks were removed, the Tax Policy Center estimates, the percentage of households with no federal income tax liability would drop to 27% from 45%.
    That last line says it all. That 45% of non-federal taxpayers are adhering to the tax code like everyone else. Change the code and the percentage of non-federal taxpayers will decrease.

  5. #25
    Mod Conspiracy Theorist
    rocket88's Avatar
    Join Date
    Mar 2011
    Location
    A very blue state
    Last Seen
    Yesterday @ 10:56 PM
    Gender
    Lean
    Independent
    Posts
    31,174

    Re: 45% of households own no federal taxes in 2011

    I'm coming around on the idea of a flat tax. IF....there are no loopholes. The tax system we've got ends up being regressive because those with the means to do so simply pay high priced lawyers to fit them through each and every loophole they can.

    However, neither party is about to get rid of loopholes...

  6. #26
    Banned
    Join Date
    Sep 2008
    Location
    New Orleans
    Last Seen
    05-06-11 @ 07:54 PM
    Gender
    Lean
    Moderate
    Posts
    3,082

    Re: 45% of households own no federal taxes in 2011

    I used to withhold a little too much taxes from the waiters so that they would get a refund and have a little money for a trip to the beach. There is nothing illegal I wouldn't do for our waiters.

  7. #27
    Sage
    apdst's Avatar
    Join Date
    Jun 2009
    Location
    Bagdad, La.
    Last Seen
    Today @ 01:25 AM
    Gender
    Lean
    Very Conservative
    Posts
    76,496

    Re: 45% of households own no federal taxes in 2011

    Quote Originally Posted by rocket88 View Post
    I'm coming around on the idea of a flat tax. IF....there are no loopholes. The tax system we've got ends up being regressive because those with the means to do so simply pay high priced lawyers to fit them through each and every loophole they can.

    However, neither party is about to get rid of loopholes...
    The so called, "loopholes", are designed to buy votes for the Dems. Any attempt tp do away with them will be labled as a terrorist act.

  8. #28
    Sage
    apdst's Avatar
    Join Date
    Jun 2009
    Location
    Bagdad, La.
    Last Seen
    Today @ 01:25 AM
    Gender
    Lean
    Very Conservative
    Posts
    76,496

    Re: 45% of households own no federal taxes in 2011

    Quote Originally Posted by sazerac View Post
    I used to withhold a little too much taxes from the waiters so that they would get a refund and have a little money for a trip to the beach. There is nothing illegal I wouldn't do for our waiters.
    Do you run a eatin' place in Nawlins?

  9. #29
    Mod Conspiracy Theorist
    rocket88's Avatar
    Join Date
    Mar 2011
    Location
    A very blue state
    Last Seen
    Yesterday @ 10:56 PM
    Gender
    Lean
    Independent
    Posts
    31,174

    Re: 45% of households own no federal taxes in 2011

    Quote Originally Posted by apdst View Post
    The so called, "loopholes", are designed to buy votes for the Dems. Any attempt tp do away with them will be labled as a terrorist act.
    So there are no loopholes that Republicans take advantage of? My partisan BS detector is going off the charts right now.

  10. #30
    Sage
    Taylor's Avatar
    Join Date
    Aug 2009
    Location
    US
    Last Seen
    Yesterday @ 07:28 PM
    Lean
    Undisclosed
    Posts
    6,170

    Re: 45% of households own no federal taxes in 2011

    Quote Originally Posted by Boo Radley View Post
    That does not mean such households end up paying no taxes whatsoever. For instance, those in the group still pay other taxes such as state and local income taxes, as well as property and sales taxes.

    And the group doesn't necessarily get off scot-free when it comes to payroll taxes -- which support Social Security and Medicare.
    Thank you this is SO true!

    A lot of people don't realize that this group also pays for most of their own food and even take care of their kids!

Page 3 of 4 FirstFirst 1234 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •